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The markets have opened on a strong footing this morning, thanks to the positive cues from the global markets front.
At 9:40am, the Sensex was at 27,335, higher by 239 points or 0.7% and the Nifty was at 8,256, up 64 points. The broader markets are also going strong, in tandem with the benchmark indices. The midcap index is at 10347, higher by 1% and the smallcap index is at 10943, up 0.8%.
The Sensex had rallied as much as 500 points on Friday due to the return of calm in global bond markets and the government’s accommodative stance on the contentious MAT issue. And the momentume has continued this morning.
The parliamentary proceedings will dictate the near-term trend. The much-delayed and anticipated goods and services tax (GST) bill is expected to be taken up in Rajya Sabha on Monday and this
The market participants would also closely watch the 27,000 mark as there could be more short-covering if the Sensex manages to hold on to this level.
RUPEE
The rupee has opened with marginal gains of 9 paise at 63.85 per dollar on Monday versus 63.94 on Friday.
GLOBAL MARKETS
The Asian stocks are having a good opening session, with the Key benchmark indices in China, Singapore, Hong Kong, Japan, Indonesia and South Korea rising upto 1% each, thanks to the positive cues from Wall Street on Friday and China's action in rolling out its third interest rate cut since November. Globally, US markets closed sharply higher on Friday as investors welcomed a "goldilocks" jobs report.
EARNINGS CALENDAR
Adani Power, Bank of Baroda and Havells India are scheduled to announce their quarter ended 31 March 2015 earnings today.
SECTORS AND STOCKS
All the sectoral indices are in the green this morning, with the exception of the FMCG space. The early morning session clearly belongs to the auto, metal and banking pack.
In the auto space, Hero Motocorp, Maruti and Tata Motors have gained 1-2% each.
In the metal space, Hindalco, JSW Steel, Tata Steel and Jindal Steel have added 1-2% each.
And the banking space has seen the likes of ICICI Bank, Axis Bank and SBI jumping between 1% and 2% each.
The FMCG index is having a sluggish session of trade, with Hindustan Unilever being the main culprit; the index heavyweight has shed nearly 2% in early trades.
Among individual stocks, Hindalco, Hero Motocorp, Cipla, Bajaj Auto and Coal India are the top BSE-Sensex gainers this morning. On the other hand, Hindustan Unilever, Wipro and Gail are bucking the strong trend in early trades.
The market breadth is strong. Out of 1674 stocks traded on the BSE, there are 1250 advancing stocks as against 360 declines.
